Bitcoin Price Showed Strength This Week Despite Macroeconomic Headwinds

Despite macroeconomic challenges, the price of bitcoin increased this week. The cryptocurrency, which started the month at around $6,000, was up more than 10% on the week.

Since the conclusion of last year, Bitcoin's (BTC) price has been on an upward trend, reaching new highs recently. Investors should be mindful that several macroeconomic issues might create barriers for bitcoin's development even if it is still gaining momentum.

What you should know about the current state of bitcoin and its prospects for 2019 are as follows: Despite macroeconomic challenges, the price of bitcoin has increased this week. According to CoinDesk statistics, the cryptocurrency has increased by 6.5 percent in the first half of June.

After beginning the month at $2,934, Bitcoin has increased by more than $100 this week. Although it's still behind the all-time high of $3,000 reached in mid-December, this is a big increase over the $1,800 level at which bitcoin was trading at the beginning of April.

Additionally, it seems that some new investors are drawn to bitcoin. Each of the other four biggest cryptocurrencies—Ethereum (ETH), Ripple (XRP), Bitcoin Cash (BCH), and EOS (EOS)—moved over $1 billion into bitcoin on Wednesday alone.